ExxonMobil has announced it will not extend the life of its Sable Offshore Energy Project. The company made its decision after evaluating significant untapped discoveries in the Sable Basin.

The decision not to proceed was based on "project economics," spokesperson Merle MacIsaac said Thursday.

The end of the line for Sable, which has a life expectancy of about 25 years, is bad news for the Nova Scotia government. The project has generated $1.3 billion in royalties since production began in 1999.

Read more: http://www.cbc.ca/canada/nova-scotia/story/2010/07/08/ns-no-extension-sable-natural-gas.html#ixzz0tCwFqyBQ